1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
IgorLugansk [536]
3 years ago
12

would you recommend that accountants wait until collections are made from customers before recording sales revenue

Business
1 answer:
Elena L [17]3 years ago
4 0

Answer: No

Explanation:

Accounting currently uses the Accrual basis and this is the best basis to use so far because it records revenue when they are earned not when the actual money comes in.

In doing this, the company is able to properly ascertain the revenue that it made in a particular period. If a company were to wait until collections were made, the company might wait for over one period to record their sales which would not be very helpful in calculating income for the period.

Also if companies waited to record only after sales, people not paying and becoming doubtful debts become a headache to record.

You might be interested in
Suppose that Tony Hsieh noticed that Zappos’s customers were no longer willing tov pay full retail prices on shoes. What actions
natta225 [31]

Answer:

1. Giving employers the right and the necessary tools they need to make good business decisions that can improve the company's efficiency.

2. Reward outstanding achievements and encourage everyone to think outside the box as well as being productive.

3. Creating a challenging and interactive environment for everyone.

4. Inspiring everyone to do their best and let them know that they will certainly be rewarded.

Explanation:

Giving employers the right and the necessary tools they need to make good business decisions that can improve the company's efficiency. Reward outstanding achievements and encourage everyone to think outside the box as well as being productive. Creating a challenging and interactive environment for everyone. Inspiring everyone to do their best and let them know that they will certainly be rewarded.

3 0
4 years ago
Grosheim Incorporated has fixed expenses of $213,000 per year. Right now, Grosheim Incorporated is selling its products for $250
nirvana33 [79]

Answer:

781 units

Explanation:

Under the CVP concept, the break-even point is calculated by dividing the fixed costs by the contribution margin per unit.

i.e., break-even point = fixed cost/ contribution margin per unit

Currently, fixed costs are $213,000, an increase of 10% will take to

=(10/100 x $213,000) + $213,000

=$21,300 + 213,000

=$234, 300

The selling price is $250, an increase of 40%

=$250 x 1.4

=$350

variable cost will remain the same this year and the following year

Current variable  costs are 20% of sales

=20/100 x 250

=0.2 x 250

=$50

Contribution margin will be new selling price - variable costs

=$350-50

=$300

Break-eve point = $234, 300/300

=781 units

3 0
3 years ago
You purchased 200 shares of ABC stock on July 15th. On July 20th, you purchased another 100 shares and then on July 22st you pur
Mashutka [201]

Answer:

$330

Explanation:

The computation of the dividend income received as on July 31 is shown below:

where,

Total number of shares purchased is

= 100 shares + 200 shares

= 300 shares

And, the dividend per share is $1.10

So, the dividend income received is

= 300 shares × $1.10

= $330

We simply applied the above formula to determine the dividend income received

7 0
3 years ago
A simple scoring model is used to decide among three projects that we'll call A, B, and C. The total score for project A is 30,
Flauer [41]

Answer: D) Project A is better than project B for this company at this point in time.

Explanation:

Option D is the best option because we do not know that the basis for the scoring model directly translates to earnings. The scoring of Project A at 30 does not necessarily mean that it's expected to earn those amounts of revenue and therefore triple that of Project C. We do not know because the information is not complete.

What we do know is that A has the highest score out of all projects and this is why it is better to do Project A as opposed to Project B.

4 0
3 years ago
Sarah offers to pay allison $150 if allison will paint her apartment while she is out of town on vacation for two weeks. allison
serg [7]
The best answer for the question of which is best described above is letter a. unilateral contract. It is because it is a legal promise between the parties which is Allison and Sarah. The unilateral contract has the ability to pay one party if the other party is able to do his or her task or perform a certain duty that the other party ask or told.
5 0
3 years ago
Other questions:
  • Bluebird mfg. has received a special one-time order for 15,000 bird feeders at $2.50 per unit. bluebird currently produces and s
    6·1 answer
  • What type of technology would be needed to gather evidence of a jet stream?
    14·1 answer
  • You are considering building a new deck on your​ home, what factors should you consider when deciding whether to borrow the mone
    13·2 answers
  • When you take exit ramp off the expressway and merge onto the next road you see yellow lines dividing the roadway what do the ye
    5·2 answers
  • Which of the following is one of the first things you should do when preparing to present yourself to employers?
    6·2 answers
  • Jack’s Snow Removal Company received a cash advance of $14,700 on December 1, Year 1 to provide services during the months of De
    13·1 answer
  • During modeling of the CRISP-DM method, we would ______. a. ​clarify business goals for the data mining project b. ​assess if th
    6·1 answer
  • Health mart is a retail store selling home oxygen equipment. health mart also services home oxygen​ equipment, for which the com
    10·1 answer
  • Broker A is a sole proprietor. He quits business and goes to work under Broker B. Whose responsibility is it to keep Broker A’s
    13·1 answer
  • A 13-year, 6 percent coupon bond pays interest semiannually. The bond has a face value of $1,000. What is the percentage change
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!